ANNUAL ELECTION COMES WITH IT.
A corporation is required to conduct annual shareholders meeting to elect to elect a new set of directors for the board, among others.
This is often ignored or not complied for many reasons. The primary being is that corporations are unaware or should I say people therein do not know.
The Revised Corporation Code seeks to correct this lack of awareness by requiring a Compliance Officer in every corporation.
Tasked with regulatory compliance, the Compliance Officer is now the person responsible to ensure that the corporation complies.
In this case, the annual meeting of the shareholders shall be scheduled and held. Thereafter, required corporate documents shall be submitted to the Securities and Exchange Commission (SEC) to prove compliance.